FxWirePro: South Korean won strengthens on robust trade balance data, hits highest level since January 2018

• EUR/KRW is currently trading around 1,301 mark.
   
• Pair made intraday high at 1,306 and low at 1,301 levels.
   
• Intraday bias remains bearish till the time pair holds immediate resistance at 1,310 mark.
   
• A sustained close above 1,305 will take the parity higher towards key resistances around 1,315, 1,332, 1,340, 1,356, 1,377 and 1,392 marks respectively.
   
• On the other side, a daily close below 1,305 will drag the parity down towards key supports around 1,299, 1,290, 1,273 and 1,264 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• Seoul shares was trading around 0.56 pct higher at 2,460.87 points.
   
• Korea, South March trade balance prelim increase to 6.9 bln us vs previous 3.2 bln us.
   
• Korea, South March import growth prelim decrease to 5 % (forecast 6.2 %) vs previous 14.9 %.
   
• Korea, South March export growth prelim increase to 6.1 % (forecast 7.5 %) vs previous 3.9 %.

We prefer to take short position on EUR/KRW around 1,305, stop loss at 1,315 and target of 1,273.

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